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LABS CL A 090572207 243352.00000000 NS USD 74202891.84000000 0.016585541673 Long EC CORP US N 1 N N N BORGWARNER INC 549300DSFX2IE88NSX47 BORGWARNER INC 099724106 2739151.00000000 NS USD 92281997.19000000 0.020626512958 Long EC CORP US N 1 N N N JOHNSON CONTROLS INTERNATIONAL PLC 549300XQ6S1GYKGBL205 JOHNSON CONTROLS INTERNATIONAL PLC N/A 7927638.00000000 NS USD 418579286.40000000 0.093559213474 Long EC CORP IE N 1 N N N CARMAX INC N/A CARMAX INC 143130102 1843590.00000000 NS USD 117879144.60000000 0.026347887753 Long EC CORP US N 1 N N PINNACLE WEST CAPITAL CORP TWSEY0NEDUDCKS27AH81 PINNACLE WEST CAPITAL CORP 723484101 1320412.00000000 NS USD 98951675.28000000 0.022117293454 Long EC CORP US N 1 N N N TRACTOR SUPPLY CO 549300OJ9VZHZRO6I137 TRACTOR SUPPLY CO. 892356106 1267919.00000000 NS USD 257400236.19000000 0.057533099292 Long EC CORP US N 1 N N CISCO SYSTEMS INC 8E6NF1YAL0WT6CWXXV93 CISCO SYSTEMS INC 17275R102 47485871.00000000 NS USD 2297366438.98000000 0.513498407775 Long EC CORP US N 1 N N N ARISTA NETWORKS INC 635400H1WKBLOQERUU95 ARISTA NETWORKS INC 040413106 2922065.00000000 NS USD 642006901.15000000 0.143498884604 Long EC CORP US N 1 N N N ROCKWELL AUTOMATION INC VH3R4HHBHH12O0EXZJ88 ROCKWELL AUTOMATION INC 773903109 1338442.00000000 NS USD 368660464.48000000 0.082401552624 Long EC CORP US N 1 N N N MOODYS CORP 549300GCEDD8YCF5WU84 MOODYS CORP 615369105 1838930.00000000 NS USD 671135892.80000000 0.150009683482 Long EC CORP US N 1 N N N AMERICAN EXPRESS CO R4PP93JZOLY261QX3811 AMERICAN EXPRESS CO 025816109 6779634.00000000 NS USD 1157758098.18000000 0.258777585463 Long EC CORP US N 1 N N AMERIPRISE FINL INC 6ZLKQF7QB6JAEKQS5388 AMERIPRISE FINANCIAL INC 03076C106 1195881.00000000 NS USD 422755892.31000000 0.094492752177 Long EC CORP US N 1 N N N COGNIZANT TECHNOLOGY SOLUTIONS CORP 5493006IEVQEFQO40L83 COGNIZANT TECH SOLUTIONS CL A 192446102 5885146.00000000 NS USD 414196575.48000000 0.092579606982 Long EC CORP US N 1 N N N PROLOGIS INC 529900DFH19P073LZ636 PROLOGIS INC REIT 74340W103 10765586.00000000 NS USD 1237288798.98000000 0.276553978266 Long EC CORP US N 1 N N N MATCH GROUP INC 15OMOPB0A8K0EFUVD031 MATCH GROUP INC 57667L107 3240494.00000000 NS USD 104927195.72000000 0.023452918533 Long EC CORP US N 1 N N N LAS VEGAS SANDS CORP 549300DUOO1KXOHPM605 LAS VEGAS SANDS CORP 517834107 3830422.00000000 NS USD 176659062.64000000 0.039486146330 Long EC CORP US N 1 N N N REPUBLIC SERVICES INC NKNQHM6BLECKVOQP7O46 REPUBLIC SERVICES INC 760759100 2395956.00000000 NS USD 387761519.04000000 0.086670946021 Long EC CORP US N 1 N N N LINDE PLC 5299003QR1WT0EF88V51 LINDE PLC N/A 5685941.00000000 NS USD 2352671807.57000000 0.525860048578 Long EC CORP IE N 1 N N N AVALONBAY COMMUNITIES INC K9G90K85RBWD2LAGQX17 AVALONBAY COMMUNITIES INC REIT 053484101 1654884.00000000 NS USD 286195638.96000000 0.063969335681 Long EC CORP US N 1 N N N CELANESE CORP DEL 549300FHJQTDPPN41627 CELANESE CORP 150870103 1166269.00000000 NS USD 161714859.54000000 0.036145876199 Long EC CORP US N 1 N N ALPHABET INC 5493006MHB84DD0ZWV18 ALPHABET INC CL A 02079K305 69136006.00000000 NS USD 9162594875.18000000 2.047987556389 Long EC CORP US N 1 N N N NEWMONT CORP 549300VSP3RIX7FGDZ51 NEWMONT CORP 651639106 13428981.00000000 NS USD 539710746.39000000 0.120634046109 Long EC CORP US N 1 N N N AON PLC 635400FALWQYX5E6QC64 AON PLC N/A 2363970.00000000 NS USD 776540505.30000000 0.173569312356 Long EC CORP IE N 1 N N N AKAMAI TECHNOLOGIES INC OC1LZNN2LF5WTJ5RIL89 AKAMAI TECHNOLOGIES INC 00971T101 1771227.00000000 NS USD 204629855.31000000 0.045738069078 Long EC CORP US N 1 N N ULTA BEAUTY INC 529900CIV6HN8M28YM82 ULTA BEAUTY INC 90384S303 580333.00000000 NS USD 247216054.67000000 0.055256770663 Long EC CORP US N 1 N N N KELLANOVA LONOZNOJYIBXOHXWDB86 KELLANOVA 487836108 3071773.00000000 NS USD 161390953.42000000 0.036073477963 Long EC CORP US N 1 N N N PNC FINANCIAL SERVICES GRP INC CFGNEKW0P8842LEUIA51 PNC FINANCIAL SERVICES GRP INC 693475105 4640791.00000000 NS USD 621680362.36000000 0.138955575741 Long EC CORP US N 1 N N N MGM RESORTS INTERNATIONAL 54930066VBP7DZEGGJ87 MGM RESORTS INTERNATIONAL 552953101 3271072.00000000 NS USD 129011079.68000000 0.028836054569 Long EC CORP US N 1 N N WALT DISNEY CO 549300GZKULIZ0WOW665 DISNEY (WALT) CO 254687106 21322058.00000000 NS USD 1976341556.02000000 0.441744174989 Long EC CORP US N 1 N N N RALPH LAUREN CORP HO1QNWM0IXBZ0QSMMO20 RALPH LAUREN CORP 751212101 470637.00000000 NS USD 60891015.06000000 0.013610122769 Long EC CORP US N 1 N N N 2023-12-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_650_20231130.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® 500 Index Fund
November 30, 2023
UEI-NPRT3-0124
1.810737.119
Common Stocks - 99.8%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 8.6%
 
 
 
Diversified Telecommunication Services - 0.7%
 
 
 
AT&T, Inc.
 
83,343,376
1,381,000
Verizon Communications, Inc. (a)
 
49,010,898
1,878,588
 
 
 
3,259,588
Entertainment - 1.3%
 
 
 
Electronic Arts, Inc.
 
2,874,058
396,649
Live Nation Entertainment, Inc. (a)(b)
 
1,652,874
139,205
Netflix, Inc. (b)
 
5,166,229
2,448,638
Take-Two Interactive Software, Inc. (b)
 
1,841,306
291,295
The Walt Disney Co.
 
21,331,648
1,977,230
Warner Bros Discovery, Inc. (a)(b)
 
25,857,770
270,214
 
 
 
5,523,231
Interactive Media & Services - 5.7%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (b)
 
69,167,785
9,166,807
 Class C (b)
 
58,836,080
7,879,328
Match Group, Inc. (b)
 
3,241,954
104,974
Meta Platforms, Inc. Class A (b)
 
25,910,981
8,476,777
 
 
 
25,627,886
Media - 0.7%
 
 
 
Charter Communications, Inc. Class A (b)
 
1,186,512
474,759
Comcast Corp. Class A
 
47,980,887
2,009,919
Fox Corp.:
 
 
 
 Class A
 
2,945,437
87,008
 Class B
 
1,550,936
42,899
Interpublic Group of Companies, Inc.
 
4,487,582
137,948
News Corp.:
 
 
 
 Class A (a)
 
4,422,020
97,461
 Class B (a)
 
1,364,927
31,448
Omnicom Group, Inc.
 
2,303,287
185,714
Paramount Global Class B (a)
 
5,621,690
80,784
 
 
 
3,147,940
Wireless Telecommunication Services - 0.2%
 
 
 
T-Mobile U.S., Inc.
 
6,034,686
907,919
TOTAL COMMUNICATION SERVICES
 
 
38,466,564
CONSUMER DISCRETIONARY - 10.7%
 
 
 
Automobile Components - 0.1%
 
 
 
Aptiv PLC (b)
 
3,297,177
273,138
BorgWarner, Inc.
 
2,740,382
92,323
 
 
 
365,461
Automobiles - 2.0%
 
 
 
Ford Motor Co.
 
45,832,116
470,238
General Motors Co.
 
16,040,353
506,875
Tesla, Inc. (b)
 
32,192,242
7,728,713
 
 
 
8,705,826
Broadline Retail - 3.5%
 
 
 
Amazon.com, Inc. (b)
 
105,850,664
15,463,724
eBay, Inc.
 
6,203,915
254,423
Etsy, Inc. (a)(b)
 
1,434,104
108,719
 
 
 
15,826,866
Distributors - 0.1%
 
 
 
Genuine Parts Co.
 
1,637,233
217,392
LKQ Corp.
 
3,119,186
138,897
Pool Corp. (a)
 
455,270
158,124
 
 
 
514,413
Hotels, Restaurants & Leisure - 2.1%
 
 
 
Airbnb, Inc. Class A (b)
 
4,970,512
627,974
Booking Holdings, Inc. (b)
 
416,099
1,300,601
Caesars Entertainment, Inc. (b)
 
2,509,863
112,241
Carnival Corp. (a)(b)
 
11,743,616
176,859
Chipotle Mexican Grill, Inc. (b)
 
321,622
708,292
Darden Restaurants, Inc.
 
1,409,144
220,489
Domino's Pizza, Inc.
 
409,128
160,742
Expedia, Inc. (b)
 
1,606,958
218,836
Hilton Worldwide Holdings, Inc.
 
3,048,743
510,725
Las Vegas Sands Corp.
 
4,303,553
198,480
Marriott International, Inc. Class A
 
2,920,593
592,004
McDonald's Corp.
 
8,495,954
2,394,500
MGM Resorts International (a)
 
3,272,547
129,069
Norwegian Cruise Line Holdings Ltd. (a)(b)
 
4,959,621
75,733
Royal Caribbean Cruises Ltd. (a)(b)
 
2,747,560
295,253
Starbucks Corp.
 
13,353,126
1,325,965
Wynn Resorts Ltd.
 
1,129,033
95,313
Yum! Brands, Inc.
 
3,266,714
410,136
 
 
 
9,553,212
Household Durables - 0.4%
 
 
 
D.R. Horton, Inc.
 
3,549,495
453,164
Garmin Ltd.
 
1,785,566
218,268
Lennar Corp. Class A
 
2,943,961
376,591
Mohawk Industries, Inc. (b)
 
616,192
54,416
NVR, Inc. (b)
 
38,052
234,225
PulteGroup, Inc.
 
2,558,302
226,205
Whirlpool Corp. (a)
 
639,072
69,595
 
 
 
1,632,464
Leisure Products - 0.0%
 
 
 
Hasbro, Inc.
 
1,520,402
70,562
Specialty Retail - 2.0%
 
 
 
AutoZone, Inc. (b)
 
211,663
552,426
Bath & Body Works, Inc.
 
2,668,671
87,052
Best Buy Co., Inc.
 
2,264,085
160,614
CarMax, Inc. (a)(b)
 
1,844,421
117,932
Lowe's Companies, Inc.
 
6,831,394
1,358,286
O'Reilly Automotive, Inc. (b)
 
704,169
691,762
Ross Stores, Inc.
 
3,971,384
517,789
The Home Depot, Inc.
 
11,720,723
3,674,329
TJX Companies, Inc.
 
13,397,868
1,180,486
Tractor Supply Co. (a)
 
1,268,489
257,516
Ulta Beauty, Inc. (b)
 
580,594
247,327
 
 
 
8,845,519
Textiles, Apparel & Luxury Goods - 0.5%
 
 
 
lululemon athletica, Inc. (b)
 
1,348,010
602,291
NIKE, Inc. Class B
 
14,281,971
1,574,873
Ralph Lauren Corp.
 
470,841
60,917
Tapestry, Inc.
 
2,702,320
85,582
VF Corp.
 
3,853,434
64,468
 
 
 
2,388,131
TOTAL CONSUMER DISCRETIONARY
 
 
47,902,454
CONSUMER STAPLES - 6.3%
 
 
 
Beverages - 1.5%
 
 
 
Brown-Forman Corp. Class B (non-vtg.)
 
2,133,014
125,293
Constellation Brands, Inc. Class A (sub. vtg.)
 
1,880,501
452,242
Keurig Dr. Pepper, Inc.
 
11,728,309
370,263
Molson Coors Beverage Co. Class B
 
2,163,870
133,165
Monster Beverage Corp.
 
8,670,534
478,180
PepsiCo, Inc.
 
16,048,246
2,700,759
The Coca-Cola Co.
 
45,372,083
2,651,545
 
 
 
6,911,447
Consumer Staples Distribution & Retail - 1.8%
 
 
 
Costco Wholesale Corp.
 
5,166,241
3,062,238
Dollar General Corp.
 
2,557,088
335,285
Dollar Tree, Inc. (a)(b)
 
2,440,797
301,658
Kroger Co.
 
7,698,119
340,796
Sysco Corp.
 
5,888,622
424,982
Target Corp.
 
5,380,886
720,016
Walgreens Boots Alliance, Inc. (a)
 
8,353,074
166,560
Walmart, Inc.
 
16,638,398
2,590,432
 
 
 
7,941,967
Food Products - 0.9%
 
 
 
Archer Daniels Midland Co. (a)
 
6,249,905
460,805
Bunge Global SA (a)
 
1,756,193
192,953
Campbell Soup Co. (a)
 
2,293,601
92,157
Conagra Brands, Inc.
 
5,571,005
157,604
General Mills, Inc. (a)
 
6,822,094
434,295
Hormel Foods Corp.
 
3,375,259
103,249
Kellanova
 
3,073,151
161,463
Lamb Weston Holdings, Inc.
 
1,699,721
170,023
McCormick & Co., Inc. (non-vtg.)
 
2,927,338
189,779
Mondelez International, Inc.
 
15,859,817
1,126,999
The Hershey Co.
 
1,747,006
328,297
The J.M. Smucker Co.
 
1,236,880
135,723
The Kraft Heinz Co.
 
9,307,693
326,793
Tyson Foods, Inc. Class A
 
3,328,960
155,928
 
 
 
4,036,068
Household Products - 1.3%
 
 
 
Church & Dwight Co., Inc. (a)
 
2,868,429
277,176
Colgate-Palmolive Co.
 
9,637,616
759,155
Kimberly-Clark Corp.
 
3,942,578
487,815
Procter & Gamble Co. (a)
 
27,481,588
4,218,973
The Clorox Co.
 
1,443,570
206,936
 
 
 
5,950,055
Personal Care Products - 0.2%
 
 
 
Estee Lauder Companies, Inc. Class A
 
2,703,165
345,167
Kenvue, Inc.
 
20,091,541
410,671
 
 
 
755,838
Tobacco - 0.6%
 
 
 
Altria Group, Inc.
 
20,688,473
869,743
Philip Morris International, Inc.
 
18,097,302
1,689,564
 
 
 
2,559,307
TOTAL CONSUMER STAPLES
 
 
28,154,682
ENERGY - 4.1%
 
 
 
Energy Equipment & Services - 0.4%
 
 
 
Baker Hughes Co. Class A
 
11,770,597
397,258
Halliburton Co.
 
10,475,293
387,900
Schlumberger Ltd.
 
16,568,253
862,212
 
 
 
1,647,370
Oil, Gas & Consumable Fuels - 3.7%
 
 
 
APA Corp.
 
3,582,115
128,956
Chevron Corp.
 
20,684,417
2,970,282
ConocoPhillips Co.
 
13,960,407
1,613,404
Coterra Energy, Inc.
 
8,830,426
231,799
Devon Energy Corp.
 
7,469,314
335,895
Diamondback Energy, Inc.
 
2,084,669
321,894
EOG Resources, Inc.
 
6,788,024
835,402
EQT Corp. (a)
 
4,216,229
168,481
Exxon Mobil Corp.
 
47,167,894
4,846,029
Hess Corp.
 
3,221,664
452,837
Kinder Morgan, Inc.
 
22,599,176
397,068
Marathon Oil Corp.
 
7,061,131
179,565
Marathon Petroleum Corp.
 
4,661,399
695,434
Occidental Petroleum Corp.
 
7,735,249
457,540
ONEOK, Inc.
 
6,790,488
467,525
Phillips 66 Co.
 
5,191,188
669,092
Pioneer Natural Resources Co.
 
2,717,968
629,590
Targa Resources Corp.
 
2,608,047
235,898
The Williams Companies, Inc.
 
14,181,096
521,723
Valero Energy Corp.
 
4,116,841
516,087
 
 
 
16,674,501
TOTAL ENERGY
 
 
18,321,871
FINANCIALS - 12.9%
 
 
 
Banks - 3.1%
 
 
 
Bank of America Corp.
 
80,596,124
2,457,376
Citigroup, Inc.
 
22,449,913
1,034,941
Citizens Financial Group, Inc.
 
5,506,022
150,149
Comerica, Inc.
 
1,536,264
69,470
Fifth Third Bancorp (a)
 
7,937,836
229,800
Huntington Bancshares, Inc.
 
16,879,441
190,063
JPMorgan Chase & Co.
 
33,879,283
5,287,878
KeyCorp
 
10,910,987
135,187
M&T Bank Corp.
 
1,934,001
247,881
PNC Financial Services Group, Inc.
 
4,642,878
621,960
Regions Financial Corp.
 
10,939,634
182,473
Truist Financial Corp.
 
15,528,237
499,078
U.S. Bancorp
 
18,151,155
691,922
Wells Fargo & Co.
 
42,654,268
1,901,954
Zions Bancorp NA
 
1,727,084
61,536
 
 
 
13,761,668
Capital Markets - 2.9%
 
 
 
Ameriprise Financial, Inc.
 
1,196,419
422,946
Bank of New York Mellon Corp. (a)
 
9,079,084
438,701
BlackRock, Inc. Class A
 
1,636,147
1,229,123
Blackstone, Inc.
 
8,274,299
929,783
Cboe Global Markets, Inc.
 
1,230,123
224,116
Charles Schwab Corp.
 
17,335,341
1,063,003
CME Group, Inc.
 
4,193,935
915,788
FactSet Research Systems, Inc.
 
444,708
201,657
Franklin Resources, Inc. (a)
 
3,315,726
82,230
Goldman Sachs Group, Inc.
 
3,843,319
1,312,647
Intercontinental Exchange, Inc.
 
6,672,357
759,581
Invesco Ltd. (a)
 
5,230,029
74,633
MarketAxess Holdings, Inc.
 
439,241
105,471
Moody's Corp.
 
1,839,757
671,438
Morgan Stanley
 
14,874,089
1,180,110
MSCI, Inc.
 
922,024
480,236
NASDAQ, Inc.
 
3,952,175
220,689
Northern Trust Corp.
 
2,413,263
191,251
Raymond James Financial, Inc. (a)
 
2,191,222
230,407
S&P Global, Inc.
 
3,793,529
1,577,463
State Street Corp.
 
3,714,722
270,506
T. Rowe Price Group, Inc.
 
2,614,843
261,824
 
 
 
12,843,603
Consumer Finance - 0.4%
 
 
 
American Express Co. (a)
 
6,782,681
1,158,278
Capital One Financial Corp.
 
4,446,860
496,536
Discover Financial Services
 
2,913,907
270,993
Synchrony Financial
 
4,875,204
157,762
 
 
 
2,083,569
Financial Services - 4.3%
 
 
 
Berkshire Hathaway, Inc. Class B (b)
 
21,260,575
7,653,807
Fidelity National Information Services, Inc.
 
6,906,985
405,026
Fiserv, Inc. (b)
 
7,106,916
928,234
FleetCor Technologies, Inc. (a)(b)
 
862,195
207,358
Global Payments, Inc.
 
3,031,024
352,932
Jack Henry & Associates, Inc.
 
849,581
134,820
MasterCard, Inc. Class A
 
9,699,669
4,014,014
PayPal Holdings, Inc. (a)(b)
 
12,800,961
737,463
Visa, Inc. Class A (a)
 
18,732,014
4,808,133
 
 
 
19,241,787
Insurance - 2.2%
 
 
 
AFLAC, Inc.
 
6,302,300
521,263
Allstate Corp.
 
3,049,442
420,427
American International Group, Inc.
 
8,299,366
546,181
Aon PLC
 
2,365,033
776,890
Arch Capital Group Ltd. (b)
 
4,347,917
363,877
Arthur J. Gallagher & Co.
 
2,512,379
625,582
Assurant, Inc.
 
618,146
103,861
Brown & Brown, Inc.
 
2,744,293
205,108
Chubb Ltd.
 
4,788,366
1,098,595
Cincinnati Financial Corp.
 
1,828,636
187,965
Everest Re Group Ltd.
 
506,006
207,741
Globe Life, Inc.
 
1,013,725
124,820
Hartford Financial Services Group, Inc.
 
3,565,229
278,658
Loews Corp.
 
2,155,779
151,530
Marsh & McLennan Companies, Inc.
 
5,758,537
1,148,367
MetLife, Inc.
 
7,364,372
468,595
Principal Financial Group, Inc.
 
2,592,493
191,404
Progressive Corp.
 
6,823,852
1,119,316
Prudential Financial, Inc.
 
4,231,873
413,793
The Travelers Companies, Inc.
 
2,669,017
482,078
W.R. Berkley Corp. (a)
 
2,371,753
172,071
Willis Towers Watson PLC
 
1,222,032
300,986
 
 
 
9,909,108
TOTAL FINANCIALS
 
 
57,839,735
HEALTH CARE - 12.7%
 
 
 
Biotechnology - 1.9%
 
 
 
AbbVie, Inc. (a)
 
20,577,004
2,929,960
Amgen, Inc.
 
6,235,902
1,681,449
Biogen, Inc. (b)
 
1,688,354
395,210
Gilead Sciences, Inc.
 
14,526,089
1,112,698
Incyte Corp. (b)
 
2,168,319
117,826
Moderna, Inc. (a)(b)
 
3,860,165
299,935
Regeneron Pharmaceuticals, Inc. (b)
 
1,244,392
1,025,143
Vertex Pharmaceuticals, Inc. (b)
 
3,008,884
1,067,582
 
 
 
8,629,803
Health Care Equipment & Supplies - 2.5%
 
 
 
Abbott Laboratories
 
20,230,888
2,109,879
Align Technology, Inc. (b)
 
829,781
177,407
Baxter International, Inc.
 
5,903,696
213,005
Becton, Dickinson & Co.
 
3,382,104
798,785
Boston Scientific Corp. (b)
 
17,069,978
954,041
Dentsply Sirona, Inc. (a)
 
2,468,197
78,365
DexCom, Inc. (b)
 
4,521,829
522,362
Edwards Lifesciences Corp. (b)
 
7,087,114
479,868
GE Healthcare Holding LLC
 
4,560,172
312,189
Hologic, Inc. (b)
 
2,855,547
203,601
IDEXX Laboratories, Inc. (b)
 
967,758
450,801
Insulet Corp. (a)(b)
 
813,977
153,915
Intuitive Surgical, Inc. (b)
 
4,096,113
1,273,236
Medtronic PLC
 
15,518,676
1,230,165
ResMed, Inc.
 
1,712,929
270,180
STERIS PLC (a)
 
1,150,079
231,097
Stryker Corp. (a)
 
3,940,448
1,167,673
Teleflex, Inc. (a)
 
547,836
123,641
The Cooper Companies, Inc.
 
577,167
194,459
Zimmer Biomet Holdings, Inc.
 
2,436,113
283,344
 
 
 
11,228,013
Health Care Providers & Services - 3.0%
 
 
 
Cardinal Health, Inc.
 
2,968,140
317,828
Cencora, Inc.
 
1,943,500
395,250
Centene Corp. (b)
 
6,312,588
465,111
Cigna Group
 
3,450,549
907,080
CVS Health Corp.
 
14,973,581
1,017,455
DaVita HealthCare Partners, Inc. (b)
 
627,785
63,695
Elevance Health, Inc.
 
2,747,195
1,317,253
HCA Holdings, Inc.
 
2,346,428
587,733
Henry Schein, Inc. (b)
 
1,522,368
101,588
Humana, Inc.
 
1,444,514
700,387
Laboratory Corp. of America Holdings (a)
 
1,032,903
224,047
McKesson Corp.
 
1,572,694
740,047
Molina Healthcare, Inc. (b)
 
679,664
248,458
Quest Diagnostics, Inc.
 
1,308,441
179,557
UnitedHealth Group, Inc.
 
10,798,909
5,971,473
Universal Health Services, Inc. Class B
 
724,432
99,595
 
 
 
13,336,557
Life Sciences Tools & Services - 1.4%
 
 
 
Agilent Technologies, Inc.
 
3,443,509
440,080
Bio-Rad Laboratories, Inc. Class A (b)
 
243,461
74,236
Bio-Techne Corp.
 
1,835,410
115,447
Charles River Laboratories International, Inc. (b)
 
597,721
117,799
Danaher Corp.
 
7,660,890
1,710,753
Illumina, Inc. (b)
 
1,845,470
188,146
IQVIA Holdings, Inc. (a)(b)
 
2,134,846
457,071
Mettler-Toledo International, Inc. (b)
 
254,903
278,336
Revvity, Inc.
 
1,447,174
128,654
Thermo Fisher Scientific, Inc.
 
4,499,424
2,230,634
Waters Corp. (a)(b)
 
689,026
193,348
West Pharmaceutical Services, Inc.
 
861,075
302,031
 
 
 
6,236,535
Pharmaceuticals - 3.9%
 
 
 
Bristol-Myers Squibb Co.
 
24,354,857
1,202,643
Catalent, Inc. (a)(b)
 
2,101,621
81,648
Eli Lilly & Co.
 
9,296,219
5,494,437
Johnson & Johnson
 
28,072,745
4,341,731
Merck & Co., Inc.
 
29,582,544
3,031,619
Pfizer, Inc.
 
65,820,873
2,005,562
Viatris, Inc.
 
13,984,218
128,375
Zoetis, Inc. Class A
 
5,366,396
948,081
 
 
 
17,234,096
TOTAL HEALTH CARE
 
 
56,665,004
INDUSTRIALS - 8.3%
 
 
 
Aerospace & Defense - 1.6%
 
 
 
Axon Enterprise, Inc. (a)(b)
 
819,263
188,324
General Dynamics Corp.
 
2,642,013
652,498
Howmet Aerospace, Inc.
 
4,565,266
240,133
Huntington Ingalls Industries, Inc.
 
464,783
110,163
L3Harris Technologies, Inc. (a)
 
2,204,922
420,721
Lockheed Martin Corp.
 
2,612,913
1,169,984
Northrop Grumman Corp.
 
1,658,031
787,830
RTX Corp. (a)
 
16,968,464
1,382,590
Textron, Inc.
 
2,309,123
177,017
The Boeing Co. (b)
 
6,610,251
1,531,132
TransDigm Group, Inc.
 
643,326
619,439
 
 
 
7,279,831
Air Freight & Logistics - 0.5%
 
 
 
C.H. Robinson Worldwide, Inc.
 
1,357,360
111,371
Expeditors International of Washington, Inc.
 
1,724,191
207,489
FedEx Corp.
 
2,697,546
698,206
United Parcel Service, Inc. Class B (a)
 
8,431,980
1,278,372
 
 
 
2,295,438
Building Products - 0.4%
 
 
 
A.O. Smith Corp.
 
1,452,478
109,459
Allegion PLC
 
1,023,345
108,567
Carrier Global Corp. (a)
 
9,765,105
507,395
Johnson Controls International PLC
 
7,931,205
418,768
Masco Corp. (a)
 
2,622,202
158,774
Trane Technologies PLC
 
2,662,674
600,193
 
 
 
1,903,156
Commercial Services & Supplies - 0.6%
 
 
 
Cintas Corp.
 
1,008,196
557,784
Copart, Inc.
 
10,130,153
508,736
Republic Services, Inc.
 
2,397,033
387,936
Rollins, Inc.
 
3,273,308
133,355
Veralto Corp.
 
2,553,632
197,268
Waste Management, Inc.
 
4,297,199
734,778
 
 
 
2,519,857
Construction & Engineering - 0.1%
 
 
 
Quanta Services, Inc.
 
1,692,738
318,759
Electrical Equipment - 0.6%
 
 
 
AMETEK, Inc.
 
2,689,652
417,515
Eaton Corp. PLC
 
4,651,561
1,059,114
Emerson Electric Co.
 
6,662,575
592,303
Generac Holdings, Inc. (a)(b)
 
725,633
84,950
Hubbell, Inc. Class B
 
625,233
187,570
Rockwell Automation, Inc.
 
1,339,044
368,826
 
 
 
2,710,278
Ground Transportation - 0.8%
 
 
 
CSX Corp.
 
23,389,883
755,493
J.B. Hunt Transport Services, Inc.
 
951,794
176,339
Norfolk Southern Corp.
 
2,646,552
577,372
Old Dominion Freight Lines, Inc.
 
1,044,558
406,396
Union Pacific Corp.
 
7,105,067
1,600,558
 
 
 
3,516,158
Industrial Conglomerates - 0.8%
 
 
 
3M Co.
 
6,435,141
637,529
General Electric Co.
 
12,688,364
1,545,443
Honeywell International, Inc.
 
7,740,482
1,516,515
 
 
 
3,699,487
Machinery - 1.7%
 
 
 
Caterpillar, Inc. (a)
 
5,947,273
1,491,100
Cummins, Inc.
 
1,651,328
370,162
Deere & Co.
 
3,178,783
1,158,380
Dover Corp.
 
1,630,658
230,184
Fortive Corp.
 
4,103,913
283,088
IDEX Corp.
 
881,372
177,755
Illinois Tool Works, Inc.
 
3,208,002
777,010
Ingersoll Rand, Inc.
 
4,714,504
336,757
Nordson Corp.
 
631,185
148,543
Otis Worldwide Corp.
 
4,800,142
411,804
PACCAR, Inc.
 
6,094,886
559,632
Parker Hannifin Corp.
 
1,495,681
647,899
Pentair PLC (a)
 
1,924,898
124,233
Snap-On, Inc.
 
616,910
169,459
Stanley Black & Decker, Inc.
 
1,786,363
162,380
Westinghouse Air Brake Tech Co.
 
2,088,307
243,413
Xylem, Inc.
 
2,807,597
295,163
 
 
 
7,586,962
Passenger Airlines - 0.2%
 
 
 
Alaska Air Group, Inc. (a)(b)
 
1,483,151
56,078
American Airlines Group, Inc. (a)(b)
 
7,616,951
94,679
Delta Air Lines, Inc. (a)
 
7,501,010
277,012
Southwest Airlines Co. (a)
 
6,943,944
177,557
United Airlines Holdings, Inc. (b)
 
3,823,613
150,650
 
 
 
755,976
Professional Services - 0.7%
 
 
 
Automatic Data Processing, Inc.
 
4,802,963
1,104,297
Broadridge Financial Solutions, Inc.
 
1,377,014
266,893
Ceridian HCM Holding, Inc. (a)(b)
 
1,814,145
124,995
Equifax, Inc. (a)
 
1,430,676
311,472
Jacobs Solutions, Inc.
 
1,467,959
186,695
Leidos Holdings, Inc.
 
1,601,245
171,846
Paychex, Inc.
 
3,740,905
456,278
Paycom Software, Inc.
 
574,237
104,316
Robert Half, Inc.
 
1,248,369
102,341
Verisk Analytics, Inc.
 
1,690,732
408,193
 
 
 
3,237,326
Trading Companies & Distributors - 0.3%
 
 
 
Fastenal Co.
 
6,660,629
399,438
United Rentals, Inc. (a)
 
796,047
378,934
W.W. Grainger, Inc.
 
518,794
407,871
 
 
 
1,186,243
TOTAL INDUSTRIALS
 
 
37,009,471
INFORMATION TECHNOLOGY - 29.0%
 
 
 
Communications Equipment - 0.9%
 
 
 
Arista Networks, Inc. (b)
 
2,923,379
642,296
Cisco Systems, Inc.
 
47,507,224
2,298,399
F5, Inc. (b)
 
691,393
118,360
Juniper Networks, Inc.
 
3,746,436
106,586
Motorola Solutions, Inc.
 
1,947,127
628,669
 
 
 
3,794,310
Electronic Equipment, Instruments & Components - 0.6%
 
 
 
Amphenol Corp. Class A
 
6,953,488
632,698
CDW Corp.
 
1,562,738
329,550
Corning, Inc.
 
8,949,697
254,977
Keysight Technologies, Inc. (b)
 
2,079,423
282,573
TE Connectivity Ltd.
 
3,659,917
479,449
Teledyne Technologies, Inc. (b)
 
548,803
221,146
Trimble, Inc. (b)
 
2,894,952
134,326
Zebra Technologies Corp. Class A (b)
 
598,501
141,833
 
 
 
2,476,552
IT Services - 1.2%
 
 
 
Accenture PLC Class A
 
7,353,838
2,449,858
Akamai Technologies, Inc. (a)(b)
 
1,772,024
204,722
Cognizant Technology Solutions Corp. Class A
 
5,887,793
414,383
EPAM Systems, Inc. (b)
 
675,712
174,462
Gartner, Inc. (a)(b)
 
918,946
399,594
IBM Corp.
 
10,620,551
1,683,995
VeriSign, Inc. (b)
 
1,046,037
221,969
 
 
 
5,548,983
Semiconductors & Semiconductor Equipment - 7.6%
 
 
 
Advanced Micro Devices, Inc. (b)
 
18,835,571
2,282,118
Analog Devices, Inc.
 
5,845,555
1,071,958
Applied Materials, Inc.
 
9,789,811
1,466,318
Broadcom, Inc.
 
5,116,662
4,736,648
Enphase Energy, Inc. (b)
 
1,589,634
160,585
First Solar, Inc. (b)
 
1,245,441
196,506
Intel Corp. (a)
 
48,823,908
2,182,429
KLA Corp.
 
1,593,888
868,063
Lam Research Corp.
 
1,553,983
1,112,528
Microchip Technology, Inc.
 
6,345,872
529,500
Micron Technology, Inc.
 
12,769,083
971,983
Monolithic Power Systems, Inc.
 
556,998
305,636
NVIDIA Corp.
 
28,795,381
13,467,600
NXP Semiconductors NV
 
3,005,468
613,356
ON Semiconductor Corp. (a)(b)
 
5,030,786
358,846
Qorvo, Inc. (b)
 
1,141,441
110,149
Qualcomm, Inc.
 
13,010,382
1,678,990
Skyworks Solutions, Inc.
 
1,858,212
180,116
SolarEdge Technologies, Inc. (a)(b)
 
659,357
52,340
Teradyne, Inc.
 
1,795,504
165,599
Texas Instruments, Inc.
 
10,585,111
1,616,452
 
 
 
34,127,720
Software - 11.2%
 
 
 
Adobe, Inc. (b)
 
5,313,739
3,246,748
ANSYS, Inc. (b)
 
1,011,814
296,826
Autodesk, Inc. (b)
 
2,491,628
544,246
Cadence Design Systems, Inc. (b)
 
3,168,541
865,867
Fair Isaac Corp. (b)
 
289,784
315,169
Fortinet, Inc. (b)
 
7,599,062
399,407
Gen Digital, Inc.
 
6,560,061
144,846
Intuit, Inc. (a)
 
3,264,953
1,865,790
Microsoft Corp.
 
86,616,552
32,819,883
Oracle Corp.
 
18,352,919
2,132,793
Palo Alto Networks, Inc. (b)
 
3,565,672
1,052,194
PTC, Inc. (b)
 
1,385,362
218,001
Roper Technologies, Inc.
 
1,244,042
669,606
Salesforce, Inc. (b)
 
11,354,939
2,860,309
ServiceNow, Inc. (a)(b)
 
2,378,242
1,630,856
Synopsys, Inc. (a)(b)
 
1,773,888
963,629
Tyler Technologies, Inc. (b)
 
490,548
200,556
 
 
 
50,226,726
Technology Hardware, Storage & Peripherals - 7.5%
 
 
 
Apple, Inc. (a)
 
171,328,762
32,543,898
Hewlett Packard Enterprise Co.
 
15,056,583
254,607
HP, Inc.
 
10,115,006
296,774
NetApp, Inc.
 
2,457,692
224,608
Seagate Technology Holdings PLC
 
2,248,553
177,861
Western Digital Corp. (a)(b)
 
3,729,842
180,189
 
 
 
33,677,937
TOTAL INFORMATION TECHNOLOGY
 
 
129,852,228
MATERIALS - 2.4%
 
 
 
Chemicals - 1.6%
 
 
 
Air Products & Chemicals, Inc.
 
2,589,822
700,676
Albemarle Corp. (a)
 
1,368,038
165,902
Celanese Corp. Class A (a)
 
1,166,796
161,788
CF Industries Holdings, Inc.
 
2,249,398
169,042
Corteva, Inc.
 
8,274,464
374,006
Dow, Inc.
 
8,196,487
424,168
DuPont de Nemours, Inc.
 
5,351,758
382,865
Eastman Chemical Co.
 
1,382,135
115,864
Ecolab, Inc.
 
2,957,417
567,026
FMC Corp.
 
1,454,158
78,030
International Flavors & Fragrances, Inc.
 
2,975,753
224,312
Linde PLC
 
5,688,498
2,353,730
LyondellBasell Industries NV Class A
 
2,985,809
283,950
PPG Industries, Inc.
 
2,745,623
389,851
Sherwin-Williams Co.
 
2,758,025
768,937
The Mosaic Co.
 
3,873,737
139,028
 
 
 
7,299,175
Construction Materials - 0.2%
 
 
 
Martin Marietta Materials, Inc.
 
720,514
334,744
Vulcan Materials Co.
 
1,548,958
330,795
 
 
 
665,539
Containers & Packaging - 0.2%
 
 
 
Amcor PLC
 
17,154,190
162,622
Avery Dennison Corp.
 
939,441
182,721
Ball Corp.
 
3,672,974
203,079
International Paper Co.
 
4,033,678
149,004
Packaging Corp. of America
 
1,048,235
176,114
Sealed Air Corp.
 
1,683,246
56,187
WestRock Co.
 
2,987,718
123,004
 
 
 
1,052,731
Metals & Mining - 0.4%
 
 
 
Freeport-McMoRan, Inc.
 
16,713,389
623,744
Newmont Corp.
 
13,435,019
539,953
Nucor Corp.
 
2,899,613
492,847
Steel Dynamics, Inc.
 
1,815,221
216,247
 
 
 
1,872,791
TOTAL MATERIALS
 
 
10,890,236
REAL ESTATE - 2.4%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 2.3%
 
 
 
Alexandria Real Estate Equities, Inc.
 
1,815,452
198,610
American Tower Corp.
 
5,434,471
1,134,609
AvalonBay Communities, Inc.
 
1,655,629
286,324
Boston Properties, Inc.
 
1,682,444
95,782
Camden Property Trust (SBI)
 
1,244,744
112,351
Crown Castle International Corp.
 
5,055,848
592,950
Digital Realty Trust, Inc.
 
3,528,996
489,754
Equinix, Inc.
 
1,090,785
889,001
Equity Residential (SBI)
 
4,021,086
228,559
Essex Property Trust, Inc.
 
748,249
159,721
Extra Space Storage, Inc.
 
2,463,078
320,619
Federal Realty Investment Trust (SBI)
 
855,346
81,763
Healthpeak Properties, Inc.
 
6,377,597
110,460
Host Hotels & Resorts, Inc.
 
8,295,929
144,930
Invitation Homes, Inc.
 
6,706,162
223,718
Iron Mountain, Inc.
 
3,402,426
218,266
Kimco Realty Corp.
 
7,226,643
139,619
Mid-America Apartment Communities, Inc.
 
1,360,227
169,321
Prologis (REIT), Inc.
 
10,770,426
1,237,845
Public Storage
 
1,844,841
477,371
Realty Income Corp.
 
8,263,088
445,876
Regency Centers Corp.
 
1,915,616
120,262
SBA Communications Corp. Class A
 
1,263,535
312,043
Simon Property Group, Inc.
 
3,814,411
476,382
UDR, Inc.
 
3,533,812
118,029
Ventas, Inc.
 
4,690,944
215,033
VICI Properties, Inc.
 
11,814,589
353,138
Welltower, Inc.
 
6,452,369
574,906
Weyerhaeuser Co.
 
8,519,096
267,074
 
 
 
10,194,316
Real Estate Management & Development - 0.1%
 
 
 
CBRE Group, Inc. (a)(b)
 
3,612,107
285,212
CoStar Group, Inc. (a)(b)
 
4,760,412
395,305
 
 
 
680,517
TOTAL REAL ESTATE
 
 
10,874,833
UTILITIES - 2.4%
 
 
 
Electric Utilities - 1.6%
 
 
 
Alliant Energy Corp.
 
2,946,213
148,990
American Electric Power Co., Inc.
 
6,005,945
477,773
Constellation Energy Corp.
 
3,749,134
453,795
Duke Energy Corp. (a)
 
8,984,952
829,131
Edison International
 
4,468,402
299,338
Entergy Corp.
 
2,465,165
249,992
Evergy, Inc.
 
2,677,882
136,679
Eversource Energy
 
4,069,662
241,779
Exelon Corp.
 
11,602,311
446,805
FirstEnergy Corp. (a)
 
6,015,865
222,226
NextEra Energy, Inc.
 
23,592,555
1,380,400
NRG Energy, Inc.
 
2,671,060
127,784
PG&E Corp.
 
24,379,786
418,601
Pinnacle West Capital Corp.
 
1,320,990
98,995
PPL Corp.
 
8,593,033
224,450
Southern Co.
 
12,713,640
902,414
Xcel Energy, Inc.
 
6,429,795
391,189
 
 
 
7,050,341
Gas Utilities - 0.0%
 
 
 
Atmos Energy Corp.
 
1,730,778
196,980
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
The AES Corp. (a)
 
7,806,586
134,351
Multi-Utilities - 0.7%
 
 
 
Ameren Corp.
 
3,063,157
237,670
CenterPoint Energy, Inc.
 
7,358,384
208,022
CMS Energy Corp.
 
3,400,978
193,040
Consolidated Edison, Inc.
 
4,021,138
362,345
Dominion Energy, Inc.
 
9,755,140
442,298
DTE Energy Co.
 
2,403,612
250,240
NiSource, Inc. (a)
 
4,817,746
123,527
Public Service Enterprise Group, Inc.
 
5,818,659
363,259
Sempra
 
7,336,491
534,610
WEC Energy Group, Inc.
 
3,677,356
307,501
 
 
 
3,022,512
Water Utilities - 0.1%
 
 
 
American Water Works Co., Inc.
 
2,269,462
299,206
TOTAL UTILITIES
 
 
10,703,390
 
TOTAL COMMON STOCKS
 (Cost $243,595,480)
 
 
 
446,680,468
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (c)
(000s)
 
Value ($)
(000s)
 
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (d)
 
 (Cost $83,962)
 
 
85,000
83,971
 
 
 
 
Money Market Funds - 0.3%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.40% (e)
 
328,932,490
328,998
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f)
 
1,078,449,171
1,078,557
 
TOTAL MONEY MARKET FUNDS
 (Cost $1,407,548)
 
 
1,407,555
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $245,086,990)
 
 
 
448,171,994
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(605,847)
NET ASSETS - 100.0%
447,566,147
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
(000s)
 
Value ($)
(000s)
 
Unrealized
Appreciation/
(Depreciation) ($)
(000s)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
3,743
Dec 2023
856,539
41,579
41,579
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $37,090,000.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
119,234
12,436,854
12,227,090
28,166
-
-
328,998
0.7%
Fidelity Securities Lending Cash Central Fund 5.39%
1,543,008
10,304,371
10,768,822
6,356
-
-
1,078,557
4.1%
Total
1,662,242
22,741,225
22,995,912
34,522
-
-
1,407,555
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. Treasury Obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.  
 
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
 
The Fund used futures contracts to manage its exposure to the stock market.
 
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
 
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
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